7600 Assateague Dr, a 775k SF former Giant property (the largest vacant warehouse in Maryland) has been sold to a JV between New York Life and Mosaic Realty Partners. (Reached for comment, the new largest vacant warehouse says it's filled with pride--thus rendering it no longer vacant.) The deal closed Friday, Mosaic co-founder Isaac Pretter, above, tells us, and seller Giant was motivated to monetize the property due to its recent move to Pennsylvania. He also points outNew York Life funded the "vast majority" of the capital for 7600 Assateague, but Mosaic put its own money at risk to get started.
Cushman & Wakefield's industrial team of Jared Ross, Michael Elardo, and Michael Kimmel (as well as colleagues Cris Abramson, Brian Kruger, Jon Chalkey, and Nick Signor) brokered the deal. Elardo (who's handling leasing with Jared and Michael Kimmel)have three half-building proposals out, and will put out another next week. Most interest is coming from retailers and 3PLs, and he's confident half the building will be leased by year's end. While a full-building user has toured, he expects the property to lease to two tenants, which will provide security for the owners.
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